- Mining technology developer, EnviroLeach Technologies Inc. (CSE:ETI), has signed a new development deal with Mineworx Technologies Inc. (TSXV:MWX)
- Mineworx will now help fund EnviroLeach’s patented palladium and platinum recycling technology.
- The process produces platinum and palladium from end-of-life catalytic converters
- Mineworx may also finance and build a recycling centre based around the new technology
- The price of palladium recently surpassed gold due to increased demand from the automotive sector
- Mineworx Technologies Inc (MWX) is down 4 per cent, with shares trading for C$0.12
- EnviroLeach Technologies Inc (ETI) is up 2.5 per cent, with shares trading for C$1.23
Mining technology developer, EnviroLeach Technologies (CSE:ETI), has signed a new deal with Mineworx Technologies (TSXV:MWX).
Mineworx hopes to utiilse EnviroLeach’s patented metal recovery technology to process platinum and palladium from waste catalytic converters.
Consequently, Mineworx will fund further development of the process through to a pilot program.
Mineworx may also fund and construct a wholly owned commercial production facility to process redundant catalytic converters via the Enviroleach process.
Catalytic converters reduce toxic emissions from cars and trucks, and are now commonplace in modern automobile manufacturing.
As a result, platinum and palladium prices have skyrocketed as demand from the automobile sector has outstretches supply. This has spurred companies like EnviroLeach to research new ways to attain and recycle platinum group metals (PNGs).
In early-stage testing, EnviroLeach recovered up to 90 per cent of the PNGs found in end-of-life converters.
Recently, the spot price of palladium surpassed gold and is expected to push higher in the next couple of years. This is partly due to new regulations in China that require catalytic converters to use 30 per cent more palladium.
Duane Nelson, President and CEO of EnviroLeach, is pleased with the new initiative.
“The objective of this venture with Mineworx is to develop an eco-friendly and commercially viable process for the extraction of platinum group metals from waste catalytic converters,” he said.
Mineworx Technologies (MWX) is down 4 per cent, with shares trading for C$0.12 at 12.53pm EST.
EnviroLeach Technologies (ETI) is up 2.5 per cent, with shares trading for C$1.23 at 12:54pm EST